The Average Pay Scale for Medical Billing
Medical billing clerks or specialists work in clinics, doctors' offices and hospitals. Medical billing specialists take diagnostic information from doctors then determine what patients owe. Subsequently, they submit the bill to each patient's insurance agency. Medical billing specialists also maintain the billing files of all patients. In addition to hourly wages, medical billing specialists may receive overtime payments or bonuses.
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Average Annual Salary
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Medical billing specialists earned hourly rates between $12.21 and $16.33, according to February 2011 data from the PayScale website. This equals annual earnings of $25,397 to $33,966, based on a 40-hour workweek. Including overtime pay, bonuses and profit sharing, medical billing specialists can earn total incomes of $26,198 to $35,978. Additionally, the Bureau of Labor Statistics indicates that medical record keepers, including billing specialists, earned median salaries of $30,610 per year, as of May 2008.
Years of Experience
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Medical billing specialists' salaries usually increase with experience. For example, medical billing specialists with less than one year of experience earned $9.93 to $13.93 per hour in February 2011, per PayScale, or $20,654 to $28,974 annually, based on a 40-hour workweek. Medical billing specialists with one to four years of experience earned wages of $11.11 to $14.73 per hour or $23,109 to $30,638 per year. With five to nine years of experience, they earned $12.92 to $16.71 per hour or $26,874 to $34,757 annually. Medical billing specialists with 10 to 19 years of experience earned $13.58 to $17.30 per hour or $28,246 to $35.984 per year. Those with 20 or more years of experience earned $14.60 to $18.37 per hour or $30,368 to $38,210 annually.
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Salary by Industry
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Medical billing specialists' salaries can vary by industry. Medical billing specialists working for health care service companies earned $12.15 to $16.55 per hour, per PayScale's report, or $25,272 to $34,424 annually. Medical billing specialists working in doctors' or medical offices earned between $12.69 and $16.40 per hour or $26,395 to $34,112 annually. Those employed by hospitals earned $11.35 to $15.42 per hour or $23,608 to $32,074 per year.
Salary by State
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PayScale's salary survey found that medical billing specialists in California earned some of the highest wages -- $13.12 to $18.26 per hour, or $27,290 to $37,981 annually, based on a 40-hour workweek. In New York, medical billing specialists earned $13.40 to $17.48 per hour or $27,872 to $36,358 per year. Medical billing specialists also earned relatively high hourly rates in Michigan at $12.52 to $16.99 or $26,042 to $35,339 annually.
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References
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